Guest Post: An Open Letter to Jamie Dimon

“People fall not from their weaknesses, but from their strengths gone to excess.”- Aeschylus

Dear Mr. Dimon,

I used to be one of your biggest fans. Back when I was 17 years old working at a Salomon Smith Barney branch in Ft. Lauderdale, you were fired from Citigroup when everyone had you pegged as the heir to Sandy Weill’s burgeoning empire. Everyone at the branch was shocked, as we all knew you by reputation as a brilliant CEO-in-the-making, and frankly, most of us were disappointed as we genuinely were all looking forward to working under your leadership one day.

While your ousting was unexpected, you recovered quickly, and perhaps it helped motivate you to accomplish great things in the financial industry. You came to the CEO post at Bank One, then engineered its acquisition by JPMorgan Chase and took the CEO prize for yourself. All the while, Citi floundered, and you led JPMorgan Chase to become the premier American bank. Under your stewardship, Chase eschewed most of the sub-prime crisis and snapped up some of the choicest prizes in the ensuing crisis, namely Bear Stearns and Washington Mutual. Well done, sir.

Personally, I was proud to be a JPMorgan customer and proudly listed in our offering documents that our firm’s operational capital was safely held with your institution. I enjoyed great relationships with both your hedge fund/commercial banking division and your newly resurgent futures prime brokerage group. We were even on good terms with your private bank.

Then, the MF Global bankruptcy happened. And, I became aware of your bank’s involvement with the firm’s collapse. How the New York Times reports that JPMorgan received 325M in segregated customer funds despite the fact that JPMorgan Chase was a primary custodian for them. Then, JPMorgan Chase reportedly failed to return the funds when MF Global reported that they erroneously transferred customer assets and went a step further into “CYA” mode by requesting a comfort letter indicating that JPMorgan Chase had not received customer funds. JPMorgan Chase reportedly did not receive this letter, yet still, it kept customers’ property.

Through my role as the co-founder of the Commodity Customer Coalition and pro bono counsel for some 8,000+ customers whose property it looks like your institution may be holding without their consent, I have loudly advocated for JPMorgan Chase to return this property. In response to this, rather than doing the right thing, you closed all of my personal and corporate bank accounts and my personal credit card. I have been told by multiple members of the media that JPMorgan Chase has called them and stated that if their media outlet has me on television again, that JPMorgan Chase will pull their advertising from the offending network.

These bully tactics have only strengthened my resolve to protect my clients whom you have knowingly wronged and continue to wrong by improperly holding their property. It has made me delve deeper into what I have found is a pattern of such malicious conduct across JPMorgan Chase’s business groups. JPMorgan Chase bribed officials in Jefferson County, Alabama, one of the poorest counties in the United States, to enter into a disastrous derivative transaction that bankrupted the county and caused an increase of 400% in sewage prices, forcing these poor people to have to choose between food and clean water. JPMorgan Chase designed an overdraft processing system that intentionally prioritized higher dollar transactions so that as many transactions as possible would overdraft, again generating usurious-like fees on the bank of those who can ill afford it. Let’s not forget about robo-signing, forging foreclosure documents, or, getting back to the futures world, failing to properly segregate customer funds.

Mr. Dimon, why do you impugn your character and reputation by allowing your firm to engage in these immoral activities? Sure, the regulators have failed to assess you any meaningful punishments that would deter you from this conduct on a strict, short-term dollars and cents analysis. Every penny of earnings counts, I get it. But, sir, you do not strike me as someone who is trying to pump your company’s stock price for a quarter or two. You are the face of JPMorgan Chase and, I would assume, you plan on being there for a while. Why intentionally destroy any and all goodwill your firm has to make additional revenue that is mostly insignificant in the short-term and, quite possibly, deleterious in the long-term? The only reason I can think of is: because you can. And, that, sir is where hubris starts.

Lately, it seems you’ve come to relish the role of antagonist, bully, and even, villain. You’ve gone on rants about tax rates, how gosh darn profitable you are going to make JPMorgan Chase, and even gone so far as to call out journalists for their share of salaries versus the revenue of news organizations. Put plainly, the confidence that enabled you to build JPMorgan Chase has now become arrogance. Mr. Dimon, I happen to have been a classics scholar and have read this story many times before. It never ends well.

While you have led your firm to a dominant position in the banking industry and record profits of late, you haven’t done it alone. You’ve had the benefit of taxpayer funds, whether you needed them or not (as you claim). You’ve had extremely favorable regulation and public policy that for years has prioritized re-capitalizing banks over the rights of Main Street Americans to be able to bear the fruit of their labor. Yet, you have begun to act like a megalomaniac, drunk on his own power ala Caligula, and attribute 100% of your success to your personal superlatives. People are starting to notice. While Occupy Wall Street has failed to articulate any clear message or goals, they have tapped into a rage in this country that is real and palpable. You have alienated many of your peers on Wall Street and in the hedge fund industry (yes, you have peers). And, now, you have alienated many members of the media that have the voices to spread the word of the ill conduct which your firm has repeatedly engaged in.

In the Niccomedean Ethics, Aristotle described the worst kind of man as the “Incontinent Man,” namely he who knows what he does is wrong and does it anyway. I believe somewhere deep down, you realize that a lot of what you and the bank that you lead do has become increasingly wrong. Why continue to go on like that? You’re at the pinnacle of wealth and power, and continuing to do wrong will not make you meaningfully richer or more powerful. It can only serve to hurt you. “For what will it profit a main if he gains the whole world and forfeits his soul?”

Based on all of your accomplishments, you may think you’re beyond reproach, that you will never have your comeuppance. But, there’s a reason that during Triumphs in Ancient Rome, a slave stood behind the Emperor whispering “all glory is fleeting” in his ear. Because, it is. And, one day, something bad will happen to JPMorgan Chase. I don’t know if it will be a blow-up of the bank’s some $500 Billion in re-hypothecation exposure or a squeeze on its rumored massive short silver position. Or, if the United States will again see a regulator that believes in, and enforces, stiff punishment for misconduct by banks. But, we will all find out should you continue down the path you are on.

So, rather than continuing to corrupt your soul to harm others for negligible gain to yourself, choose a different path. Use your intelligence and your leadership abilities and your charisma to do the right thing, and set an example for the rest of the financial industry by showing that it is better for all society, JPMorgan Chase and Jamie Dimon included, to not crush those weaker or poorer than you by exacting every last cent from them just because you can. Rein in your malicious activities and focus on the legitimate ones. Be just a little humble -- and remove the target you’ve placed on your own back.

Perhaps, you can start by voluntarily returning the returning all the excess overdraft fees JPMorgan Chase overcharged average Americans through mal intent. While you’re at it, give back the hard-earned property of the farmers, ranchers, retirees, and others who were MF Global clients before I come take it back in court. JPMorgan Chase can borrow at 0% interest from the Fed. Do you realllly need an illicit free loan borne on the backs of farmers?

Whether you realize it or not, you’re at a crossroads. And, I promise you, one Greek to another, I will ardently help you to come to the end of whichever path you choose.

This letter was written by a seemingly normal individual, addressed to a sociopath. He asks "why do you impugn....." Hate to tell ya, but you won't get an answer. Sociopaths are always the victims, and narcissistic ones like Dimon make up shit like people stalking him, etc.... He's a gloryhole, and that's it. JPM will implode one day and he'll blame others, never once looking in the mirror. The sociopath can't, or the jig is up. If they do, the image falls, the facade ends, and the illusionary grandeur is brought to light for the world to see. Madoff still believes he's above the common man - all sociopaths are mentally disconnected from reality.

Dimon is worse because he has narcissistic personality traits, which means he'll probably choose death over public embarrassment. He puts himself on a pedestal and thinks others idolize him, as he once said: "you're all just jealous at our bonuses because we make more money than you". He's clearly not a sane individual.

he does give a f.ck - if you are watching his comments and actions over the last three years he is getting increasingly thin skinned -

his appearance last year in Davos and the head to head with sarkozy was very telling - he was in way over his head with his comments - then the OCS march to his park ave coop and he says he was intimidated and concerned more than when his guards protected him in Lebanon

he is all about owning obama right now - its not about smart or money but the ability to get away with virtually anything because he owns the keys to all the politicians, judges and regulators especially the OCC

"Through my role as the co-founder of the Commodity Customer Coalition and pro bono counsel for some 8,000+ customers whose property it looks like your institution may be holding without their consent, I have loudly advocated for JPMorgan Chase to return this property."

At least we've finally gotten over this silly notion that ones money cannot be defined as property.

That would have to be a very short billboard as he lives on the upper E side. But a series of boards along 5th avenue all the way down with a progressive message (as in a card movie, not as in liberal) might draw some attention.

"for some 8,000+ customers whose property it looks like your institution may be holding without their consent, "

Nice turn of phrase. I recall some years ago two men approached me in NYC holding snub nosed .38's, and after some discussion they were holding my property without my consent. Not entirely true, but withholding my consent looked pretty dicey.

JPM has bilked millions out of otherwise good mortgage customers for ripoff scam (way overpriced- like 500%) temporary insurance if their regular insurance lapses for only a little while. No harm was done to them yet they pounce to suck customers dry.

Don't get me wrong...I'm too old and sensitive to fight but...examine what he calls FOFOAs dilema, it has the same solution as Triffen's dilema...ie don't use the same item for both medium of exchange and store of value.

I think FOFOA is misunderstood here at ZH. He is not the 'hard money' kind of guy most here seem to think they are and so his writing is pooh poohed. BUT there are issues with the classic gold standard that must be recognized. Gold will be a better wealth asset as a store of value only than some kind of medium of exchange. What many here really are is 'hard money socialists'...they would give the very government they despise the right to say what gold is worth. How did that work out last time? Gold $35/oz...you can't have any though.

FDR confiscated Fed gold as well ... and they were none too fucking happy about it.

ZHs by and large don't understand what FDR did. He might have been an enemy of property rights and the economy (I personally think property is a privilege and he helped the economy, but I can understand the other viewpoint) but he was no friend to the bankers.

I'm sure Mr. Koutoulas' letter would have been more in line with your more appropriately terse version if he didn't have the fancy CEO title. The economy of your version should be required study in business schools across the nation.

What a silly article. JPM is at the center of the fractional reserve banking scheme - a plan thoroughly evil at its core. Borrow money from the Fed at 0%? Hah! They can create all the money they want for free and out of thin air. Keep wakng up mr author.

Presumably this is an actual letter written to Dimon for the purpose of highlighting the benefits of acting with grace. This was not a letter drafted for the approval of ZH readers, one way or the other. I do think the author makes a good case and put in a way that Dimon will find more compelling than the fast and furious version.

The name of the fucking bank is JP Morgan. What else do you need to know? JP was a larger tool that helped to usher in The Fed, working for his masters. He used the panic of 1907 to justify this insanity. And what role did this son-of-a-bitch play in the panic of 1907?

John Pierpont was the Master. He created the panics leading up to the institution of the Fed, and then created the monster itself. People can say he was doing the Rotheschildes bidding, fine, because there is always someone higher up on the pyramid; like the Rotheschildes, John Pierpont's family also has a long history of criminal banking, and his motivation for absolute power were very much his own.

Went to school with a Pierpont. One night he parked his lastest BMW in the lot of a frat he didn't belong to. The next day some guys in the frat asked him to move the car, so he drove it into their swimming pool.

I once told him that I did not think much of guys who don't work, and asked him if anyone in his family ever had a job. At the time, he couldn't think of any work that they did. About a week later, he came running up to me and happily said that yes, in fact they did work, that once a year they got together and were photographed for Town & Country. (He was not being sarcastic, he was serious).

Beautifully said FUCK DIMON AND JP MORGAN! They need to GO DOWN! ALL THE FUCKING WALL STREET BANKS NEED TO BE TAKEN DOWN AND Hopefull they have TRILLIONS in Exposure to Greece and Hopefully THEY FUCKING CRASH AND BURN!

The only thing that will stop the charlatan will be the vehicle that robs him of his ability to have cognizant thought...a traumatic brain injury would suffice, but a complete shutdown of his life support system would be best. Maybe some BK cattleman will take him to the slaughterhouse.

Pretty sure his firm is acting on behalf of "national security" interest that come right from the top. With that perspective, the appeal to his moral vanity is rather a waste of time. And trust me, if JPM wasn't available to carry out stuff, someone else would be....

WB7: Maganatar, Jefferson County, Robo-Signing Fraud, Illegal Foreclosures on American Service Personnel, JP Madoff, MF Global...yadda, yadda, yadda...just a few bad fucking apples in the biggest stinking barrel on the block, the House of Jamie D

Anyone interested in where the concept of soul came from will find these three links offer a solid start to researching the word. The word soul in the English version of the Hebrew Bible was translated from the Hebrew word nephesh. The word soul in the English version of the New Testament was translated from the word Greek word psuche. The Greeks, based on their mythology, believed we have a soul. The Hebrews believed that we are a soul.

1 Timothy 6:15-16 says God, the blessed and only Ruler, the King of kings and Lord of lords, who ALONE is immortal ... Those who believe that this verse states the truth reject the Greek definition that we possess an immortal soul in favor of the Hebrew definition that we are souls.

I get your point. But I'm guessing that most reading here have the Athens/Jerusalem root as a frame of reference. But thanks for your expansion of the research links. It beats slogging through the Wikipedia link I provided to find the point of departure for other concepts of the term soul.

I truly hope James watches his back so he doesn't end up like Simmons, Breibart and many others. Good thing he is young and healthy, tougher to make it look like "natural causes". Massive kudos to James for sticking his neck out and setting such a good example, though this has as much chance as getting on the MSM as does recent Obama impeachment legislation.

Being a gold buyer, I am very familiar with this disgusting mofo and his evil bank. The name "Jamie Dimon" needs to live in infamy. So does "Lloyd Blankfein". So does "Timothy Geithner". "Ben Bernanke". "Daniel Mudd". "Jon Corzine". "Fred Goodwin".

And so on.

These names need to become caricatures of evil, as "Hitler" is. Public disgust with these sociopaths on an individual level is the only thing that will bring any form of (eventual) justice, since we cannot rely on a hopelessly corrupt justice system in this century.

We need a lot more naming of names on an individual level. The list is fairly long, but still we need to become familiar with who these individuals are, who are responsible for destroying our society and we must never forget, and never let our children forget, who they are and what they have done. They must have a loud, and black, reputation and a legacy. They can't sue EVERYONE to make us shut up.

I remember when Jamie was taken up Sandy Wiell's ever seeking roll up in the mid-late 1980s when he helped Sandy in the aquisition of Commericial Credit by American Can - at the time Jamie asked me to explain Proprietary trading to him....together these two burned a swath of destroyed careers and dreams at once very fine firms including Citi, Salomon Brothers, Smith Barney, Shearson, Kidder, Travellers, etc.....

The author should watch "Fishead", a documentary available on YouTube, or maybe read "Political Ponerology" to understand the tragicomical futility of his letter and the gargantuan central reality missing from his education and worldview.

Dear Godimon; I used to worship you. Thou wert the greatest thief and grifter I had ever imagined, but you were real. I was exstatic (Tyson, M.) to meat someone so void of emoticons that I just shivered. I found my lord and master and it was good. I pretended that you did only good things until you MF'd me and my clients.

Can you believe this crap? The New Audubon Society needs to get this guy in the record books in case we get law and order back.

Dimon did not change, he was always scum... like his ugly brother Blankfein... The gov and "Justice" dept, including the SEC and CFTC will not touch him, as he owns too many regulators and congressmen... guys like this toxic turd show clearly the system is broken, and the pretty promises that Obama spewed about a clean-up was clearly bullshit. read this: http://www.wnd.com/2011/02/261033/

Dimon, Rubin, Llyod, Bendonkey, Greenspan, Dudley, Geithner and many more should not be allowed to procreate. What kind of women hangs out with these guys, Shows the pathetic nature of chicks of the USSA.
FU Dimon.

You're commenting about the state of American women because one USSA woman married Jamie Dimon, an USSA man without a parallel or even stronger statement about USSA men (as he's not merely marrying in he's doing this shit) because what the fuck you're one hell of a guy I'm sure?

The international banker wears the black hat, rides into town, robs the people, bribes the sheriff, and rides away leaving the people with the losses. It happened in Argentina; bankers departing after the thefts owing the people a monstrous debt. It’s happening now in Greece and as James Koutoulas courageously relates, in the United States of America. We cheated you, we took your money, and here’s what you’ve got to do…

The Greek banker-austerity-program is essentially an accelerated Increase Greek Poverty program - with jobs non-existent except those below the poverty line (youth unemployment exceeds 50%); a 22 percent cut imposed on the minimum wage, elimination of rent subsidies for the poor, widespread cuts in pensions and safety nets for the elderly, exorbitant property taxes sometimes exceeding rental income, private businesses failing at the rate of 105,000 in 2011 (600,000 total since ‘08) with 60,000 more likely this year, public sector enterprises such as water companies pushed into private ownership, rising health care concerns for citizens unable to pay for shelter and medicine; hospitals faced with shortages of medical supplies…

“Those who cannot remember the past are condemned to repeat it.”

The past includes a similar banker-rape of Argentina culminating in 2001 in riots.How, one asks, was it possible for so rich a country to have so many people going hungry?It was possible because the country was ransacked by a new form of aggression… by a daily and silent violence of never-ending debt…of impoverishment and corruption in one of the biggest bank swindles ever perpetrated against mankind, enriching Argentinean financiers andinternational bankers who used their control of financeto empty the country of its wealth.

Says David W. Cooney: Argentina HAD a vibrant economy where the people were well off. ? Monopolistic international corporations used their economic influence to bribe and otherwise manipulate government officials to pillage the country's wealth and send the people into dire poverty.

From the video come laments by elderly protesters who’d lost their savings:

“A dollar at a time!I saved during the 25 years I worked so I could live decently when I retired, not on a State pension.Why don’t the banks treat us like their foreign customers?That’s why I’m banging on my pan… Bombs are not my style…”

“I’m the oldest newsvendor in Avellaneda.For 65 years I’ve sold newspaper. All of my savings are in Citibank. The manager of the agency says they’ll return them to me.It’s a lie!Everything I’ve saved by making sacrifices is in their hands…”

“I don’t want a state of siege or to be a pawn of the International Monetary Fund,”screamed a woman amidst the noise and fires as police riding raging horses bore down with clubs and whips on the protesting Argentineans...

This alliance of foreign banks and international corporations that came to power in Argentina with a policy of indebtedness left in its wake an unpaid debt of $23 billion owed the people by the multinationaloperators - Citibank, First Boston, Chase, Bank of America, Banco de Italila….The people, facing crisis and rising oil prices, were bled dry, while the police and a complicit government protected the thieves from their victims.

The world no longer can afford to have these people running governments.

If you want to do something, PLEASE take a minute to call your congressman.

Check.

They told me he was on his yacht heading for the Caribbean to personally attend to his offshore holdings... and would get back to me as soon as he returns and clears out his inbox, front-runs some choice equities and finishes campaigning.